Noerr advises Condor on acquisition of a majority stake in airline by Attestor
A Noerr team led by Thomas Hoffmann has advised Condor Flugdienst GmbH on the sale of 51% of the company’s shares to asset manager Attestor. Attestor was the successful bidder in a structured tendering process. By acquiring a majority stake, Attestor is setting the course for Condor’s secure future.
Attestor is investing 200 million euros of fresh equity capital and will provide an additional 250 million euros of equity capital to modernise Condor’s long-haul fleet. All 4,050 jobs at the airline and the company’s own maintenance subsidiary Condor Technik will be retained.
Attestor is initially acquiring a 51 percent stake in Condor, while the remaining 49 percent will remain with SG Luftfahrtgesellschaft, which holds its shares on behalf of Germany’s federal government and the government of the state of Hesse. The investor has the option of acquiring the remaining shares at a later time. The restructuring company SG Luftfahrtgesellschaft is a vehicle of Team Treuhand GmbH, a company for restructuring trusts belonging to the Noerr Group.
The Noerr team also advised Condor in connection with the restructuring of a loan provided by the German development bank KfW. This measure is subject to approval under EU State aid legislation.
Noerr had already advised Condor with a team led by Thomas Hoffmann and Marlies Raschke on its successful restructuring in ‘protective shield’ proceedings. Prior to this, the team advised Condor on the Thomas Cook restructuring efforts and during the ‘protective shield’ proceedings following the collapse of the Thomas Cook Group; the team also advised Condor on the second rescue following the failed takeover by Polska Grupa Lotnicza (PGL).
Advisors to Condor Flugdienst GmbH: Noerr Partnerschaftsgesellschaft mbB
Dr Thomas Hoffmann (Restructuring, Berlin/Frankfurt, team lead), Marlies Raschke (Insolvency Law, Dresden), Sarah Blazek (State Aid Law, Munich), Dr Andrea Braun (Restructuring, Frankfurt), Georg Edelmann (Tax, Munich), Dr Dorian Legel (Finance), Dr Till Kosche (M&A, both Frankfurt), Dr Hans-Christoph Schimmelpfennig (Employment Law, Munich), Dr Kathrin Westermann (Antitrust Law, Berlin), Dr Claus Zimmermann (Foreign Trade Law, Brussels)
Associates: Sabrina Lux (Restructuring, Frankfurt), Dr Daniel Dommermuth (Employment Law, Munich), Eike Hofmann (Corporate, Dresden)